Deal looms for unrecognisable time warp block in Brisbane

Investors are circling a time warp apartment block in an affluent Brisbane suburb.

Built in the 1980s, the flats at 93 Beatrice Terrace, Ascot – six all up – are tenanted, in a building that is an icon of the vibrant inner north-east postcode.

Known as The Palms, the property has been deeply renovated and the units refreshed in a coastal style. The exterior looks like it has materialised from a Slim Aarons’ mid-century photo.

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Each of the six apartments has two bedrooms and one bathroom, and electrical and plumbing works have been completed. (Domain)

The apartments have two bedrooms and one bathroom, and the upper-floor residences have skylights to invite in the Queensland sun.

The modernist, Palm Springs-style aesthetic shines but it wasn’t always so. In August 2020, when the block previously traded, it had a brown façade and apartments with orange-tinged floor tiles.

Then, the keys were won for $1,815,000, public Domain records show. A price guide for the current campaign has not been disclosed.

A selection of apartments were advertised for rent last year for between $600 and $795 per week.

Place Estate Agents are seeking offers before 4pm on August 1 and have already fielded about 50 enquiries.

Agent Savva Koulouris from Place Estate Agents Woolloongabba tells Nine the building is almost new in the sense the “everything apart from the bricks being removed and put back in” has been completed.

The vendor replaced windows, put in the skylights and updated the electrical elements and plumbing, along with stylish accoutrements including curved breakfast benches and gilded bathrooms with marble and sconces, so it could suit an interstate buyer who can confidentially leave it in the hands of a property manager.

“It belongs in that suburb – when you walk in, it feels like a resort,” Koulouris says.

He says that when the apartments have come up for rent, they are rapidly leased.

“It is being sold as tenanted and all the of the long-term tenants have been there since it was new.”

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Restaurants, bars and wharves are found along the Brisbane River. (Adobe Stock)

About half of the buyer enquiries have been from Brisbane investors and the rest have come from the Sunshine Coast and Gold Coast, Koulouris said.

Ascot is about 6km north east of the Brisbane CBD and Aussies from interstate will know it as the home of the Eagle Farm and Doomben racecourses, with restaurants, bars and wharves along the river.

Article source: Queensland Property Investor